MPOWER Ventures Gets Boost From Red McCombs

Austin-based venture capital firm MPOWER Ventures, said Monday that it has added Red McCombs as a lead investor in the firm's new fund, MPOWER Ventures II. Red McCombs is the billionaire co-founder of Clear Channel Communications, as well as the founder of the Red McCombs Automotive Group, and was the former owner of the Minnesota Vikings, the San Antonio Spurs and the Denver Nuggets. MPOWER Ventures II is headed by Roy Sosa and Bertrand Sosa. MPOWER said that the new investment in the fund will specifically go to helping empowering the "world's unbanked".